How to INCREASE RENTS During Lease Renewal
With the ongoing inflation, tax payments, and demand for repairs, an increase in rents is truly inevitable. As experienced property managers, we always get this question a lot: “How do you determine the increase during lease renewal? Do you also send out a notice to your tenants when it’s time to renew their lease?”…
With the ongoing inflation, tax payments, and demand for repairs, an increase in rents is truly inevitable. As experienced property managers, we always get this question a lot: “How do you determine the increase during lease renewal? Do you also send out a notice to your tenants when it’s time to renew their lease?”
Increasing rents shouldn’t just be like picking a number out of a hat. Every real estate investor or landlord should do it professionally. There are different things to consider before making this decision. But with our help, we guarantee a smooth rent increase during your tenant’s lease renewal.
Budget check
At Green Ocean Property Management, our system allows landlords to check their previous earnings and expenses. If any of these things go up, we can include inflation as a reason to increase rent.
Inflation is just how much value your dollar would be able to give you from year to year. It averages about 3% across the board. If it went up 3% and your expenses increased by 3%, you will have a bigger problem in the long run. So you need to increase it by at least 6%; that way, you won’t lose money.
Green Ocean will guide you in increasing rents during lease renewal
As your property manager, it is our duty to communicate these things to your residents. We will help you explain it to your tenants. We want to avoid tenants saying, “What did you do? Did you make the property any better?” It’s a tough environment but we can show them the reason behind it so you won’ have a problem anymore. Our job is to make you more money, and whether that’s saving or increasing, it doesn’t matter.
Our commitment
If you or anyone else you know is looking for a proactive property manager to help you figure out how to increase your rents and how much they increase them, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.
Safer Tenants with Outlet Testers
One of the most affordable and useful tools to guarantee safer tenants is an outlet tester. All you have to do is plug it in and press the button. Now, how does it work and can it really save you time and money? An outlet tester, as its name suggests, is a small…
5 Reasons Why Early Renewal and Property Marketing Are A Must
One of the most important aspects of owning investment properties is the lease renewal process and property marketing. To do this, you have to start early. The renewal and marketing process has many steps, all of which should be carefully considered and done correctly. When facilitating the lease renewal and marketing process, we…
How to Create a Rental Property Marketing Plan
A successful rental property marketing plan is essential for attracting and retaining high-quality tenants. Without a solid marketing plan, rental properties may sit vacant for extended periods, leading to lost income for property owners. This blog will discuss creating a rental property marketing plan that works. Define Your Target Market The first step…
Experience exceptional management and elevate your property with us
